Why do family firms congregate in certain industries?

We propose that family firm involvement and performance across industries is not random and is related to specific industry conditions. Using the population of listed companies on the Taiwan Stock Exchange over the period 1997-2007 we find that family firms are more involved in industries with more fixed assets, consistent with the long-term view of family owners, and in industry conditions that make it potentially easier for family owners to consume private benefits of control. Overall, we document a positive relationship between family firm involvement and performance, which indicates a net advantage for family firm shareholders in industries where family firms congregate. However, we also find that family firm performance is negatively affected when family firms use more debt and maintain a higher control wedge than their industry counterparts.

Family representatives in family firms

Research Question/Issue: Family control in family firms can extend beyond the direct involvement of family members, but identifying these mechanisms is difficult in most markets. We utilize unique disclosures made by Taiwanese firms to examine the role played by family representatives in listed family firms. Family representatives are non-family members that represent the controlling family’s indirect shareholdings in the firm. We examine whether family representatives are used in the same manner as family members and whether they provide net benefits or costs to shareholders. Research Findings/Insights: In our sample of listed family firms, we find that omitting family representatives understates the influence of controlling families by 46 percent. We show that family representatives are associated with net costs to shareholders, but to a lesser extent than family members. We also find that controlling families use family members and family representatives differently. Family members are more involved in older family firms and in firms founded by the family. Family representatives are more involved in acquired and second generation family firms and in larger firms with more fixed assets. Theoretical/Academic Implications: We apply agency theory to the use of family representatives and show that family representatives are being used by controlling families to extend their influence within their firms, increasing agency costs to minority shareholders. Practitioner/Policy Implications: For policymakers, our analysis shows that disclosure of family member and representative relationships within firms is important and value-relevant to investors. Furthermore, our results suggest that firm performance could be improved by limiting the involvement of family members and family representatives in family firms.

Avaliação e depreciação do Ativo Imobilizado no Governo do Estado do Rio de Janeiro: desafios na implantação dos procedimentos contábeis.

No Brasil, o início do processo de convergência às normas internacionais de contabilidade no setor público ocorre desde 2007 na União, nos Estados e nos Municípios, o que acaba gerando muitas mudanças e também muitos desafios na adoção dos novos procedimentos. Um dos novos procedimentos envolve a avaliação e depreciação do Ativo Imobilizado. Nota técnica divulgada recentemente pela STN descreve que os Entes estão encontrando dificuldades em adotar as novas regras. Nesse contexto, este estudo se propõe a responder a seguinte questão de pesquisa: como superar os desafios na implantação dos procedimentos contábeis sobre avaliação e depreciação do Ativo Imobilizado no Governo do Estado do Rio de Janeiro? Tem como objetivo geral identificar os desafios na implantação dos procedimentos contábeis sobre avaliação e depreciação do Ativo Imobilizado no Governo do Estado do Rio de Janeiro e como objetivo específico investigar e analisar a estrutura contábil e patrimonial, assim como propor soluções básicas e essenciais para a aplicação dos procedimentos contábeis. Quanto aos fins, foi realizada pesquisa descritiva e quanto aos meios, foi realizada pesquisa bibliográfica, documental e o estudo de caso, com a realização de entrevistas com os responsáveis de patrimônio e almoxarifado de 23 órgãos da Administração Direta do Estado do Rio de Janeiro. A análise dos dados coletados revela que não há integração entre o setor contábil, o setor de patrimônio e o setor de almoxarifado nestes órgãos. Os setores possuem baixo quantitativo de funcionários e estes são pouco valorizados, não existindo padronização dos procedimentos sobre gestão patrimonial. O desafio de adotar esses procedimentos ultrapassa a competência do setor de contabilidade e exige a integração dos setores de patrimônio, almoxarifado e contábil. Assim, o estudo propõe a aquisição ou desenvolvimento de um sistema integrado de controle de bens, em que a contabilidade, o patrimônio e o almoxarifado acessem os mesmos dados e possuam uma ferramenta de comunicação confiável, que possibilite a elaboração de relatórios que gerem informações úteis ao gestor e aos demais interessados. Propõe também a regulamentação dos novos procedimentos, o fortalecimento da carreira dos funcionários que atuam no patrimônio e no almoxarifado e orienta sobre a adoção de procedimentos iniciais, para o período de transição.

Poor fish farmers' accessibility to credits: A review

Fisheries sector contributes about 5.3% to GDP and about 6% of the export earnings of Bangladesh. There are about 4.1 million ha of inland water bodies in Bangladesh. However, over last two decades the catch from inland capture fishery has decreased due to filling of wet lands and other anthropogenic reasons. Accordingly, the production of inland fish has decreased not only for the decrease of water bodies but also due to irrational catch of fish fries, brood fishes and use of current nets for fishing. Significant responses from the fisheries entrepreneurs have not been received for the small loan scheme of the Bangladesh Bank. The bank could not disburse more than Tk. 500 million under the scheme. The total revolving credit under the scheme was Tk. 1,000 million with the assistance from the World Bank. The business houses having fixed assets of value not more than Tk. 10 million will be eligible to borrow from this fund. About Tk. 0.2-5.0 million can be borrowed as term loan and working capital from Bangladesh Bank through commercial banks. The loan was given to the commercial banks at 5% interest (bank rate) and the commercial banks shall also bridge finance to the entrepreneurs at a lower rate of interest. Working capital time limit is for a maximum of 1 year with half yearly rest, mid-term loan maximum of 3 years in 5 installments and with 6 months grace period and long-term loan maximum of 5 years in 9 installments with 6 months grace period.

生物质气化与废弃物焚烧联合发电的技术经济分析

介绍了生物质气化与废弃物焚烧联合发电技术项目，确定了该项目经济效益的评价指标，定量计算了项目的投资回收期、净现值和内部收益率。同时还对燃料费用、上网电价和固定资产变化引起的敏感性进行分析。结果表明，该联合发电技术的动态投资回收期为9.05a，净现值为2770万元，内部收益率为15.82％，三个经济指标均符合行业标准。从经济角度看是完全可行的。